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Dollar index (USDX) trying to build a base under 105.00

Earlier today the Dollar came under further pressure. As already noted here, that saw the GBP/USD rise to 1.2428 and the EUR/USD reach1.0756. However, the Yen remained weak and it was that which stopped the Dollar index from falling further than it did. The index fell to a low of 104.85. The subsequent rebound in the USD/JPY has helped the index to avoid another move lower, as the wider European markets draw to a close. In fact, it is the USD/JPY that is once again leading the way higher for the index this evening. It is just now pushing towards 105.10 after grinding out a base earlier this afternoon and rebounding to 105.15. The pound seems to have met with too much resistance for the time being ahead of its 200 day moving average as well and that is now tailing off again. All these moves are just now taking place against the backdrop of slightly higher US yields that so far have held their modest gains today

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